Rupee climbs to two-month high, jumps 53 paise against US dollar
The rupee rose to two month high on Friday on the back of Banks’ selling dollars in view of foreign portfolio investors lining up to participate in fundraising by India Inc and lack of central bank intervention.
While the rupee appreciated by about 53 paise to close at 73.6950 to the dollar against the previous close of 74.2225, forex market players are nervous as the US Fed chief Jerome Powell could drop hints on tapering of the monetary policy stimulus in his scheduled speech on Friday at the annual Jackson Hole economic policy symposium. The benchmark equity indices on the BSE and National Stock Exchange (NSE) ended over a quarter per cent higher on Friday
The S&P BSE Sensex ended above the 56,000-mark for the first time at 56,124.72, up 175.62 points (0.31 per cent), while the Nifty 50 settled at 16,705.20, up 68.30 points (0.41 per cent).
A hint of taper in Powell’s speech could impact currencies of the emerging market…
